Portland’s real estate market continues to blossom with home
sales and prices steadily increasing and the inventory of homes for sale at
historic lows.
Click Here and read my summary to see how this can benefit
you.
In Summary:
Home sales peaked again in March, representing the best
spring market since 2007. The number of active homes for sale also
continues at historic lows with just 3.2 months of unsold inventory in the
Portland Metro Area. This market dynamic has put an upward pressure
on home prices, influenced home buyers to be more decisive, and has given quite
an edge to homeowners looking to sell.
Portland-area home prices are beginning to rebound after
falling by more than 30% during the housing crash. The average sales
price of a house in Portland is approximately $290,000 - an increase of just
over 15% from the first quarter of last year. The median price of a
Portland house is about $247,000 – an increase of almost 17%! The median
value represents a mid-point with an equal number of houses priced above and
below this number.
Close-in neighborhoods within North, Northeast, and
Southeast Portland are hot zones with houses selling quickly and often with
multiple offers. Inner-SE and NE Portland have experienced the greatest
share of price increases.
Southwest and Northwest Portland, Beaverton, Aloha, and
Hillsboro are also selling quickly. These areas have held a larger share
of the distressed bank-owned and short-sale properties selling at lower
prices.
Area’s more rural East and Southeast of Portland like
Gresham, Troutdale, Oregon City, and Milwaukie are selling at a slower pace but
increased in price by 3-5% this past year.
Interest Rates are still under 4%.
Please call me if it’s time to buy or sell a home.
I’ll work hard for you.
Darin Provost,
Broker
Vintage Real
Estate
503-784-7626
And call Steven Welch with Northwest Mortgage Group at
503-805-6810 if you think it’s time to refinance or buy. You’ll be very
happy with Steven’s experience and commitment to serving his clients.
